ERA Real Estate
Joyce Torelli - Broker, Real Estate Consultant, ERA Real Estate Phone: (508) 380-5229
Email: [email protected]

Multiple Disclosures: When & Why to Use Them in Your Home Sale

by Joyce Torelli - Broker, Real Estate Consultant 07/29/2024

When selling a home, it’s not uncommon to get offers from multiple buyers. This is especially true in a hot market with low inventory. If you’re dealing with multiple offers, the question can arise about disclosing those offers. If you’re unclear about how and why to factor this into your negotiations, here is some basic info to help.

Why Disclose Multiple Offers?

There are two benefits to disclosing offers to other buyers:

  • It can encourage one buyer to increase their offer. Informing a buyer that there is another offer in play might result in a larger offer from another buyer.

  • Sometimes, counter offers include more than a price increase. A buyer might offer better terms to sweeten the deal, like waiving appraisal or inspection fees. This is where seller contingencies come into play. It’s also common for an updated offer to be a larger deposit, quicker closing or even covering the closing costs.

Why Not Disclose Multiple Offers?

While there are definite upsides to disclosing multiple offers, there can also be drawbacks:

  • Some buyers might be intimidated and walk away from the sale. Knowing that there are other, more competitive offers on the table could discourage them from pursuing the property.

  • Dealing with multiple offer disclosures can get confusing. The communication involved might get tricky and even stressful. Keeping track of which offers are available might turn into more of a hassle than you want in your selling process.

  • Disclosing offers can make the sale take a lot longer. Most home closings take a month or two, but if you’re dealing with multiple offers and counteroffers, disclosure could drag out the process. Each round of offers and counteroffers adds days to your total timeline, which can be especially inconvenient if you have a new purchase contingent on your current home sale closing.

Overall, consulting with a real estate professional will help you decide whether disclosing multiple offers is the right move. Weigh the options carefully to determine what will get you the best results.

About the Author
Author

Joyce Torelli - Broker, Real Estate Consultant

Joyce Torelli, Broker - Realtor Consultant 508-380-5229 [email protected] 

CRB, ASR(Accredited Seller Representative), CBR, SRES www.JoyceTorelli.com Please see a few of the Google reviews that recent and past clients have been thoughtful to leave, as well as some written testimonials attached. Top 3% of 375 Professionals – 15 ERA Key Realty Offices.

“I am currently a longtime resident of over 30 years in Marlborough, MA, but mainly grew up in Hudson MA. Later, I had the opportunity to live in various towns in and around the Middlesex County area (Acton, Bolton, Framingham, Hopkinton,) as well as in the Netherlands, Europe. Bringing understanding, insight, and strategy on the home sale marketing and sale process is critical. With over 30 years of experience, I have helped hundreds of homeowners get their home sold for the very best price and terms with the least inconvenience, with skill, caring, and a marketing plan tailored to their needs and their home! My buyer clients benefit from the same 30 years plus of experience of positioning their offers to meet with success in getting accepted, which has resulted in many happy home buyers.